If you’re new to art and the science of sports betting, and you’ve stumbled across this article, then you are off to a great start. If you’ve never made a bet before, or you’ve casually made a bet, and now you’re trying to step it up a little, getting a handle on some fundamentals is a must. Inexperienced sports punters always seem to do things that reduce their overall ROI, and learning from these errors will help keep you from getting bankrupt. Even the most seasoned sports betting players will occasionally fall prey to them, so take them to heart, remain disciplined, and boost your chances of success.
Table of content:
- Unreasonable Expectations
- Betting Too Much
- Chasing Loss
- Blaming Good Luck
- Betting Each Game
- Betting Winners over Values
- BUI “Betting Under the Influence”
- Conclusion
Unreasonable Expectations
Let’s begin by talking about expectations. Sportsbooks make a lot of profits. Most games are not a value, but money is placed on all ends of wagers for every game. Because of this, it’s time for a wake-up call that the bulk of people will lose more money than they do with sports betting. Yet, so many people will assume that they’re going to be the ones to smash the book. However, this is not the case. Bear in mind that even the most professional sports betting players are only trying to win about a 55percent of their picks against the spread and feel pretty good about it. So if you’re looking to spend more time on sports betting, keep your enthusiasm in check, and you’re going to have a clearer mind about making better choices.
Betting Too Much
This has to do with making some unreasonable expectations. If you try to employ sports betting as a fast, rich scheme, you’re extremely more likely to find yourself losing something quickly. With that said, don’t, I repeat, don’t put more money into your bankroll than you are able and financially comfortable to lose. If you need the cash in your bankroll to pay bills, that’s a good indicator that you’re not going to be risking the money. Know that sports betting is always a gamble, and if you risk more than you should and lose, you can damage yourself in the real world. Sports betting is a long-term venture, if you’re patient and careful, you might make some money on your bets, but it’s not something that happens instantly.
Chasing Loss
There’s an old saying that a guy may be “due” to something good after a poor stretch. This is a thought of superstitious belief as opposed to fact. Chasing losses is likely to happen to everyone at some stage in their history in sports betting, so avoiding as much as possible can save you many heartaches. They’re all going through a tough stretch, and it’s a creepy place to be. You see the bankroll progressively diminish, and it can render you nervous. A lot of people think of something along the lines of “Yeah no duh, I wouldn’t chase my losses,” but once people get into the real thick of it, they start making these rationales for why their case is different, and if they double down on today’s picks, they’ll certainly make their money back.
Yeah, for a couple of people, that day will be the day they turn it around, but for too many others, it just ultimately ends up being another day off, but now they’ve lost money twice as quickly. I’m going to repeat that sports betting is a long-term investment in profitability. You have to be able to learn from the losing streak to get back to the amazing winning streaks.
Blaming Good Luck
Yeah, luck has a role to play in sports betting. It’s just a part of sports overall. Now and then, something highly unlikely is going to occur that can make you win or lose your wager. It is part of our natural prejudice to explain ownership for negative results. It’s a dangerous game, though, when your own hard-earned money is on the line. Blaming luck for losing your selections and taking full responsibility for your winning selections creates a virtuous cycle that prevents you from becoming a sports bettor.
It’s vital to really look at your losing bets and see what went wrong and if there was something you overlooked when analyzing that particular game. Also, by tracking your wins and losses, you can go back and see if you can correct any particular negative trends. Are you overvaluing specific kinds of players, undervaluing the defensive game plan, or forgetting to take full account of injuries? Countless variables can be used to analyze a game, but it’s crucial to learn from past mistakes, so don’t chalk it all up to bad luck.
Betting Each Game
Some people might get the idea of wagering on every game to minimize variance. They might believe they’re capable of winning 55percent of the picks against the spread, and by doing so, they’re going to make a lot of profit. This just isn’t the case, however. Value is the boss in sports betting, and if you’re betting every game, then you’re underestimating which game will be worth it. For most games, the line is fixed to a point where there is no value on either side.
Sure, it’s feasible to have a very good season and end up making money doing this, but feasibly, this isn’t true talent, but a lot of luck. The other side of this is that one bad week can totally crash your bankroll, so rather than making 16 bets a week, pick two or three that seem to be the most valuable and commit to them. This discipline will keep your bankroll afloat in the long run.
Betting Winners over Values
The best sports betting players are finding games that guarantee the most value and are not scared to bet on a team they think will lose. It’s a complicated way of reasoning to get over. People generally like to be on the winning team’s side, which is why the public tends to bet against the spread. But this mistake comes much more into play when you bet the line of money. Why would you bet on a team that you think is going to lose? Well, because it’s all about value.
For instance, you can pick a team that should win easily and lay a heavy odds of-250, but to break-even, you’d have to win 71.43 percent of the time. To repeat, that’s just to break-even, so even if you touched those odds closer to 73percent of the time, you’re still doing little in terms of profit. On the other hand, you could bet on a team that you think only wins 40percent of the time, but if your odds are +170, you’ll still earn a good return, despite selecting a team that you believe will lose the game.
BUI “Betting Under the Influence”
Why do you think casinos give away free drinks at card tables and slot machines? They know you’re going to make poor choices with some alcohol in you, and they’re going to make more from you on those bad decisions than they’re going to have you pay for those drinks. With that said, do all your analysis, make a decision, and make a bet while you’re sober. Take part in mind-altering substances after you place your winning bets!
Conclusion
You can implement all these tips and still not be a profitable sports bettor. There’s just so much going on beating a sportsbook that you still need to be great at analysis and forecasting. That said, if you’re a casualty of these regularly, then you are all but assured to be a losing sports bettor, no matter how good your other skills are.
